Pune, India, Aug. 16, 2023 (GLOBE NEWSWIRE) -- The global cold insulation market size is estimated to depict staggering growth during the projected period. Cold insulation is used in vivid applications to prevent condensation. Similar to other thermal insulating materials, it exhibits strong resistance to fungi, low thermal conductivity, and avert air leakage. Industries such as chemicals, oil & gas, and others utilize multilayer cold insulation to prevent harmful ice formation, as these materials possess excellent cold conservation properties. Additionally, these materials play a crucial role in extreme weather situations. Fortune Business Insights™ presents this information in their report titled "Cold Insulation Market, 2023-2030."
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Major Players Profiled in the Cold Insulation Market Report:
- BASF SE (Germany)
- Owens Corning (U.S.)
- DOW (U.S.)
- Huntsman (U.S.)
- Armacell (India)
- Aspen Aerogels (U.S.)
- CertainTeed (U.S.)
- Kingspan Group (Ireland)
- Sheth Insulations Pvt. Ltd. (India)
Report Highlights:
| Report Attribute | Details |
| Base Year | 2022 |
| Historical Year | 2019-2021 |
| Forecast Year | 2023-2030 |
| Segments Covered |
|
| Forecast Units | Value (USD Billion), and Volume (Units) |
| Quantitative Units | Revenue in USD million/billion and CAGR from 2023 to 2030 |
| Geographies Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Countries Covered | Unites States, Canada, Mexico, Unites Kingdom, Germany, France, Italy, Spain, China, India, Japan, Argentina, GCC Countries, and South Africa, among others |
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COVID-19 Impact
Dual Effects on Market: Supply Chain Disruptions and Surge in Food & Beverage Sector
The COVID-19 outbreak led to widespread government-imposed lockdowns and restrictions on movement and transportation. Consequently, a shortage of raw materials and labor led to temporary business closures for manufacturers across various industries. The cold insulation market was affected; however, its use in the food & beverage industry saw a positive boost in demand. Despite uncertainties, the market remained moderately profitable due to increased demand for packaging materials driven by operational essential consumer goods and fermentation chemicals.
Segments:
By material type, the market is classified into polyurethane foam, phenolic foam, fiberglass, polystyrene foam, and others.
By application, the market is segregated into oil & gas, chemicals, HVAC, refrigeration, and others.
From the regional ground, the market is segmented into North America, Europe, Asia Pacific, Latin America and the Middle East & Africa.
Report Coverage
The comprehensive market research report delves into crucial elements, including the competitive landscape, distribution channels, and notable product categories. The document provides valuable insights into prevailing market trends and significant industry advancements. It also encompasses a wide range of variables that have contributed to the recent expansion of the market. With a thorough examination of these factors, the report offers a holistic view of the market's current state and future potential. Stakeholders can leverage this information to make informed decisions and formulate effective strategies for success.
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Drivers and Restraints
Rising Industrial Investments Propel Cold Insulation Industry’s Growth
The growth of the market is closely linked to its increasing use in various end-use industries. The significant growth in industrial investments has created a substantial market for the food industry, driving the demand for refrigeration solutions. Materials such as polyurethane and polystyrene foam are widely adopted in these applications due to their ability to handle low smoke emission, control condensation, and offer high resistance to moisture vapor, further supporting the positive outlook for the cold insulation market growth.
However, market growth may be impeded by health concerns associated with the utilization of cold insulation materials, leading to reduced product adoption in end-use industries due to the consideration of health and environmental issues.
Regional Insights
Asia Pacific Takes Center Stage due to Rapid Economic Development
Asia Pacific cold insulation market share is driven by the development of economies in countries such as China and India. These nations act as economic powerhouses, influencing rapid industrialization and improvements in the standard of living.
North American market growth is linked to the region's high disposable income and busy consumer lifestyle.
Competitive Landscape
Innovations and Strategic Collaborations Lead the Way in Competitive Market
In a fiercely competitive cold insulation market, major players are introducing innovative solutions to maintain their edge. They employ strategies such as acquisitions, partnerships, and collaborations to meet diverse industry demands, stay at the forefront, and cater effectively to their customers' evolving needs.
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